ABC Ltd. is a manufacturing company that produces widgets. The company has provided the following information for
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Question:
ABC Ltd. is a manufacturing company that produces widgets. The company has provided the following information for the year 2022:
- Beginning inventory of finished goods: $30,000
- Ending inventory of finished goods: $40,000
- Beginning inventory of work-in-process: $20,000
- Ending inventory of work-in-process: $15,000
- Direct materials purchased: $50,000
- Direct labor: $80,000
- Manufacturing overhead: $60,000
- Cost of goods sold: $300,000
a) Calculate the cost of goods manufactured for the year b) Calculate the cost of goods sold for the year c) Calculate the gross profit for the year d) Calculate the gross profit percentage for the year
Related Book For
Cost Management Accounting and Control
ISBN: 978-0324559675
6th Edition
Authors: Don R. Hansen, Maryanne M. Mowen, Liming Guan
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